The Conservative Cave

Current Events => Breaking News => Topic started by: Chris on June 27, 2009, 10:25:59 PM

Title: Changes Urged to Rules on Condo Loans
Post by: Chris on June 27, 2009, 10:25:59 PM: (http://i33.photobucket.com/albums/d57/b_gardenia/dems/barney_frank_20.jpg)
^{June 22, 2009}

Two Democratic lawmakers are calling on Fannie Mae and Freddie Mac to relax recently tightened standards for mortgages on new condominiums, saying they could threaten the viability of some developments and slow the housing-market recovery.

In March, Fannie Mae said it would no longer guarantee mortgages on condos in buildings where fewer than 70% of the units have been sold, up from 51%. Fannie Mae also won't purchase mortgages in buildings where 15% of owners are delinquent on condo association dues or where one owner has more than 10% of units, which the firm sees as signals that a building could run into financial trouble. Freddie Mac will implement similar policies next month.

In a letter to the chief executives of Fannie and Freddie, Reps. Barney Frank, the Massachusetts Democrat who is chairman of the House Financial Services Committee, and Anthony Weiner (D., N.Y.) warned that the 70% sales threshold "may be too onerous" and could lead condo buyers to shun new developments. The legislators asked the companies to "make appropriate adjustments" to their underwriting standards for condos.

http://online.wsj.com/article/SB124562533240635581.html#articleTabs%3Darticle

:banghead:
Title: Re: Changes Urged to Rules on Condo Loans
Post by: rich_t on June 27, 2009, 10:28:16 PM: Wasn't it loose standards that started this whole housing market crash to begin with?
Title: Re: Changes Urged to Rules on Condo Loans
Post by: Chris on June 27, 2009, 10:34:43 PM: Quote from: rich_t on June 27, 2009, 10:28:16 PM
Wasn't it loose standards that started this whole housing market crash to begin with?
That, and the securitization of home mortgages that took Wall Street down with it.
Title: Re: Changes Urged to Rules on Condo Loans
Post by: Traveshamockery on June 27, 2009, 10:41:39 PM: Hey, I have an idea - how about if we get these idiots dems to co-sign these loans? Bet that'll stop that quick.

Furthermore, if they are so upset about people not having health insurance, why don't those idiots who scream about it the loudest take it upon themselves to take care of that, too?

I'm just about tired of all this "common good" crapola they keep pushing.
Title: Re: Changes Urged to Rules on Condo Loans
Post by: Chris on June 27, 2009, 10:46:31 PM: I saw a show last night (I think it was NOW or Frontline... typical public-television drivel) extolling the virtues of an organized gang of squatters in Los Angeles. They actively search for houses that have been foreclosed and boarded up, and move people into them to live.
Title: Re: Changes Urged to Rules on Condo Loans
Post by: Bluegrassman on June 27, 2009, 11:02:42 PM: Quote from: Chris on June 27, 2009, 10:34:43 PM
That, and the securitization of home mortgages that took Wall Street down with it.

Not to mention the Community Reinvestment Act. :(
Title: Re: Changes Urged to Rules on Condo Loans
Post by: miskie on June 28, 2009, 06:31:09 AM: (http://i33.photobucket.com/albums/d57/b_gardenia/dems/barney_frank_20.jpg)

What the hell is Fwank doing ? leaning in to kiss an Invisible dance partner ? Heh ... loliticians.

(which BTW, I just registered loliticians.net - There is too much funny to be ignored)
Title: Re: Changes Urged to Rules on Condo Loans
Post by: NHSparky on June 28, 2009, 08:28:06 AM: Has this assclown been living under a rock for the last year, or is he DELIBERATELY trying to be that stupid?
Title: Re: Changes Urged to Rules on Condo Loans
Post by: JohnnyReb on June 28, 2009, 08:37:06 AM: Please...somebody....find some breaking news. Who wants to open a page with Fwank all puckered up looking at you.